Luxembourg — Ferrero Group has signed an agreement to acquire Purely Elizabeth, a Boulder, CO-based better-for-you food company, expanding Ferrero’s presence in the U.S. breakfast and wellness categories.
Founded in 2009, Purely Elizabeth offers granola, oatmeal, and cereal products and has recently expanded into the protein segment. According to Ferrero, the brand has more than doubled its sales during the past two years.
“Purely Elizabeth, with its terrific portfolio of quality, tasty products, is a great addition to Ferrero,” says Giovanni Ferrero, president of Ferrero International S.A., holding company of the Ferrero Group. “With this transaction, Ferrero builds on its recent acquisition of WK Kellogg Co, reinforcing both its presence at breakfast time in America and its reach in the better-for-you segment.”
Purely Elizabeth will continue to operate as a standalone brand within Ferrero Group following the transaction. Founder and CEO Elizabeth Stein will remain in her role along with the company’s existing leadership team.
“Building Purely Elizabeth from an idea 17 years ago into the brand it is today has been one of the most rewarding journeys of my life, and I’m incredibly proud of what our team has accomplished,” Stein says. “As I thought about the next chapter, finding a partner who understood what makes Purely Elizabeth special and shared our commitment to quality, innovation, and building for the long term was incredibly important to me.”
Stein adds that Ferrero’s family-owned structure and commitment to the brand made the company a strong fit for Purely Elizabeth’s next stage of growth.
Ferrero says it plans to support the brand through continued product innovation, expanded distribution, and additional operational capabilities while maintaining Purely Elizabeth’s identity and approach to product development.
“This acquisition reflects our long-term strategy to invest in high-growth categories and further enhance our presence in the better-for-you offerings across breakfast occasions and beyond,” says Lapo Civiletti, president of Ferrero Ice Cream and WK Kellogg Co.
The proposed acquisition is expected to close in the coming months, subject to customary closing conditions and regulatory approvals. Terms of the transaction were not disclosed.
